In a note to clients, a Macquarie Research team led by
Laurent Vasilescu shared a chart showing the breakdown of holiday
expenditures.

Typical celebratory fanfare like
decorations, greeting cards, and candy and food all together adds
up to only about 25%.

Meanwhile, over "50% of the expenditures go to gifts for family
which consists mostly of apparel, footwear and accessories," the
analysts wrote. "We note that according to the National Retail
Federation these percentages remain relatively fixed year after
year."

Notably, all of this could be a positive sign for retail.
And November's
solid retail sales report, which purportedly gives an early
read on the holiday shopping season, seems to
suggest the same. Sales rose 0.2%, the biggest increase since
July, suggesting that consumer spending remains a
strong contributor to economic growth.

In any case, check out the chart below.Macquarie
Research, data from National Retail Federation, Macquarie Capital
(USA), November 2015